Cognizant Technology Solutions Completes Major Portion of Y2K project for Guaranty National Acquisition.NEW YORK--(BUSINESS WIRE)--July 28, 1998-- Cognizant Accelerates Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 Compliance Completing Code Change Cognizant Technology Solutions Cognizant redirects here. For a definition of the word see the entry for at Wiktionary Cognizant Technology Solutions (NASDAQ: CTSH) is an information technology services company with headquarters in New Jersey U.S.A. Corporation (CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTSH), a provider of software development, maintenance and re-engineering services, today announced it has completed major phases of full life-cycle year 2000 conversion project for Guaranty National (GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart ), a nonstandard non·stan·dard adj. 1. Varying from or not adhering to the standard: nonstandard lengths of board. 2. personal lines automobile insurer which is a wholly-owned subsidiary of Orion Capital Corporation (NYSE NYSE See: New York Stock Exchange :OC). CTS has completed inventory, impact analysis, base lining and code change for the project, which is taking place in Goldsboro, North Carolina Goldsboro is a city in Wayne County, North Carolina, United States. The population was 39,043 at the 2000 census. It is the principal city of and is included in the Goldsboro, North Carolina Metropolitan Statistical Area. . "Having service interruptions because of year 2000 problems is unacceptable to our policyholders and our agents and we have had a dedicated team working on year 2000 conversion for some time," said Betty J Higby, I/S I/S Information Systems I/S Income Statement Director at Guaranty National. "We are very pleased to have CTS join our team to handle the conversion of our newest operation in Goldsboro, North Carolina. Given the capabilities and experience of CTS and the refreshing customer orientation and sense of urgency they've demonstrated so far, we're confident they'll have the Goldsboro systems ready for the year 2000 quickly and efficiently, on time and within budget." "We are pleased that our proven expertise in all areas of year 2000 compliance is helping Guaranty National to manage the remediation of these applications," said Kumar Mahaveda, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Cognizant Technology Solutions Corporation. "We are confident that this project will be completed on time and on budget, and are looking forward to partnering with Guaranty National on future projects." Guaranty National, which has offices in ten locations across the country, is moving toward completion of a full-scale year 2000 effort, which began over two years ago. The Goldsboro, North Carolina, office became a Guaranty National subsidiary operation in April 1998, with the purchase of the nonstandard automobile business of the Strickland Insurance Group. Soon after the acquisition, Guaranty National contracted with CTS to assist with the year 2000 compliance for the 2.17 million lines of code The statements and instructions that a programmer writes when creating a program. One line of this "source code" may generate one machine instruction or several depending on the programming language. A line of code in assembly language is typically turned into one machine instruction. that comprise the North Carolina systems. CTS is executing an end-to-end year 2000 solution for the Strickland project, using its on-site/offshore methodology. Guaranty National, based in Englewood, Colorado, is a leading provider of nonstandard personal automobile insurance, written through approximately 10,000 independent agents in 35 states. Guaranty National and its insurance company affiliates carry A.M. Best ratings of "A(Excellent)" and "A-(Excellent)". The company is a wholly-owned subsidiary of Orion Capital Corporation, a Fortune 1000 company with assets in excess of $3.5 billion. About Cognizant Technology Solutions Corporation Cognizant Technology Solutions Corporation (CTS) delivers high-quality, cost-effective, full life cycle solutions to complex software development and maintenance problems. Using an extraordinary pool of over 1,100 computer sciences and engineering professionals at its six development centers in India, the company's services include application development, maintenance and re-engineering services, as well as year 2000 and Euro currency compliance services; and extend across a range of technologies encompassing client/server, Data Warehousing, Internet, Object-Oriented development and legacy platforms, For more information, visit CTS on the web at http://www.cts-corp.com. This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Cognizant believes the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. These statements may involve risks and uncertainties that could cause actual results to differ materially from the expected results. Such risks include, but are not limited to, the risk factors described in Cognizant's Registration Statement on Form S-1 and in other reports and periodic filings made from time to time with the Securities and Exchange Commission.
CONTACT: Cognizant Technology Solutions
Anne White, 212-887-2569
awhite@cognizantcorp.com
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Edelman Worldwide
Audrey Merwin/Heather Carnevale
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